EurOmax Resources Ltd.
TSX VENTURE : EOX
OTCQX : EOXFF

EurOmax Resources Ltd.

February 07, 2012 09:00 ET

EurOmax Intersects 86 Meters at 1.76 Grams Per Tonne Gold at Its Trun Gold Project, Bulgaria

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 7, 2012) - EurOmax Resources Ltd. (TSX VENTURE:EOX)(OTCQX:EOXFF) ("EurOmax" or, the "Company") is pleased to announce results from the twenty-five latest drill holes at its 100% controlled Trun Gold Project, Bulgaria. Results include 86 meters at 1.76 grams per tonne gold starting at surface in diamond drill hole MTC-1174A from the Ruy Zone. Drilling has also produced encouraging near-surface gold intercepts from the Logo Zone. Diamond drill holes MTC-11115 and MTC-11116 encountered 24.1 meters at 3.03 grams per tonne gold and 25.1 meters at 4.10 grams per tonne gold, respectively. Both intercepts start at surface.

"In 2011, we drilled approximately 10,600 meters at Trun, in part to meet drilling requirements in order to apply for a commercial discovery certificate this July," commented Dr. Quinton Hennigh, Chief Geologist of EurOmax. "Drill results at Trun have continued to produce several significant intercepts, from which we have developed a very focused 6,000 meter drill program for this year. The 2012 program is expected to be completed by the end of April, which allows the results to be included in the commercial discovery certificate application."

Summary of Results from Big Hill (Northern Area of Trun Property)

Ruy Zone

  • Diamond drill hole MTC-1174A, a vertical hole testing the Ruy Zone, intersected 86 meters at 1.76 grams per tonne gold. This hole was collared approximately 5 meters west of hole MTC-1174 (87 meters at 2.14 grams per tonne gold announced in a news release dated June 14, 2011) which was oriented in a westerly direction with an inclination of -70 degrees. Analysis of these intercepts suggests the Ruy Zone may be dipping moderately to the east.

  • Diamond drill holes MTC-11101 and MTC-11101A are situated approximately 100 meters northwest of hole MTC-1174A and were drilled in an easterly direction with an inclination of -60 degrees. Hole MTC-11101 failed in bad ground, but MTC-11101A successfully penetrated the Ruy Zone intersecting 26 meters at 1.52 grams per tonne gold. Gold mineralization was encountered further down hole than expected indicating the Ruy Zone may strike closer to north rather than the north-northwest orientation previously believed.

  • Diamond drill holes MTC-11104, MTC-11117 and MTC-11120, all situated approximately 80 meters northwest of hole MTC-11101A, failed to intersect significant mineralization. Given that the Ruy Zone is now recognized to have a more northerly strike and moderate dip to the east as ascertained from other recent holes described above, all three of these holes are believed to have been drilled in the barren footwall of the zone.

Logo Zone

  • Diamond drill holes MTC-11115 and MTC-11116 encountered 24.1 meters at 3.03 grams per tonne gold and 25.1 meters at 4.10 grams per tonne gold, respectively. Both intercepts start at surface, and are along the southwestern margin of the Logo resource area. These results suggest there might be significant near-surface mineralization in this area that has previously been overlooked.

  • Diamond drill holes MTC-11105, MTC-11107, MTC-11109, MTC-11111, MTC-11113 and MTC-11122 test areas surrounding the Logo resource on the eastern, southern and southwestern sides and were drilled to look for extensions of mineralization. MTC-11113 encountered 26.1 meters at 0.59 grams per tonne gold.

  • Based upon recent re-logging of all drill core from the Logo resource, the geometry of this zone has been reinterpreted. Mineralization now appears to be controlled by a moderately northeast-plunging recumbent fold in the metamorphic host rocks rather than forming stacked, sheet-like bodies as previously believed.
Summary of Drill Results from Big Hill (Northern Area)
Hole From
(m)
To
(m)
Length
(m)
Gold
(gpt)
Length
(ft)
Gold
(opt)
Ruy Zone
MTC-1174A 0.0 86.0 86.0 1.76 282 0.051
includes 0.0 11.0 11.0 4.04 36 0.118
and 31.5 43.5 12.0 2.94 39 0.086
MTC-11101 62.5 77.5 15.0 1.24 49 0.036
hole failed in bad ground
MTC-11101A 37.5 47.5 10.0 0.70 33 0.020
and 72.5 98.5 26.0 1.52 85 0.044
MTC-11104 No Significant Values
MTC-11117 No Significant Values
MTC-11120 No Significant Values
Logo Zone
MTC-11105 No Significant Values
MTC-11107 No Significant Values
MTC-11109 14.1 18.0 3.9 1.00 13 0.029
MTC-11111 No Significant Values
MTC-11113 99.0 125.1 26.1 0.59 86 0.017
MTC-11115 0.0 24.1 24.1 3.03 79 0.088
includes 7.7 18.9 11.2 4.91 37 0.143
MTC-11116 0.0 25.1 25.1 4.10 82 0.120
includes 3.0 16.0 13.0 6.57 43 0.192
MTC-11119 No Significant Values
MTC-11122 35.0 37.2 2.2 1.85 7 0.054

Summary of Results from Little Hill (Southern Area of Trun Property)

Zlata Zone

  • Diamond drill holes MTC-11102, MTC-11103, MTC-11106, MTC-11108, MTC-11110, MTC-11112, MTC-11114, MTC-11118 and MTC-11121 test the northern 600 meters strike of the Zlata Zone. All holes are drilled in an easterly direction and target shallow mineralization. With the exception of MTC-11110, all of these holes intersected significant mineralization. Most holes encountered a void, typically 2-3 meters wide, left by historic mining operations on the Zlata Vein.

  • Of particular note, hole MTC-11114 intersected 28 meters at 1.92 grams per tonne gold including 3.7 meters at 10.52 grams per tonne gold. This hole intersected a pillar of intact vein material, hence the much higher grades. The Zlata Vein was mined to depths of approximately 150 meters and was continuously stoped over a strike length of approximately 1,400 meters. This vein remains open at depth.

K2 Zone

  • Diamond drill hole MTC-11100, a single hole testing the extension of the K2 Zone, intersected 14.7 meters at 0.58 grams per tonne gold. This is the final hole planned at K2, since sufficient information now exists to include K2 in the Trun commercial discovery application.
Summary of Drill Results from Little Hill (Southern Area)
Hole From
(m)
To
(m)
Length
(m)
Gold
(gpt)
Length
(ft)
Gold
(opt)
Zlata Zone
MTC-11102 33.0 35.7 2.7 1.81 9 0.053
and 45.0 54.0 9.0 0.51 30 0.015
MTC-11103 124.2 134.8 10.6 0.80 35 0.023
and 145.5 148.1 2.6 1.68 9 0.049
MTC-11106 65.2 74.0 8.8 0.75 29 0.022
MTC-11108 83.0 86.1 3.1 1.57 10 0.046
and 100.4 104.4 4.0 1.36 13 0.040
MTC-11110 No Significant Values
MTC-11112 56.5 74.0 17.5 0.82 57 0.024
MTC-11114 75.8 103.8 28.0 1.92 92 0.056
includes 91.8 95.5 3.7 10.52 12 0.307
MTC-11118 106.0 114.5 8.5 1.93 28 0.056
MTC-11121 92.5 103.8 11.3 1.21 37 0.035
K2 Zone
MTC-11100 17.0 31.7 14.7 0.58 48 0.017

Commercial Discovery Application

The commercial discovery certificate application for Trun will include all drilling and metallurgical results to the end of April, a final exploration report, a preliminary scoping study, a preliminary environmental impact assessment, detailed maps for the area covered by the application, letters to the municipality, and opinions from the various governmental agencies and interested parties. All of these documents will provide the basis for the formal application to be submitted in early July. Management believes that all of this documentation required for the application will be complete by the end of June. This is the same process that was followed for the Breznik commercial discovery application in 2011.

About the Trun Gold Project, Bulgaria

Gold mineralization at Trun is associated with large granite and syenite stocks that intrude a broad anticline of metamorphic rocks. The geologic setting and styles of mineralization display striking similarities to that of "tombstone-type" gold deposits in the Tintina Gold Belt of the Yukon and Alaska including the Ft. Knox gold deposit, Alaska and the Eagle gold deposit, Dublin Gulch, Yukon. EurOmax has 100% control over approximately 67 square kilometers centered on the Big Hill and Little Hill granite intrusions, each with multiple associated gold-in-soil anomalies.

Quality Control and Quality Assurance

Drill core was logged, cut and sampled by EurOmax personnel at the Company's sample preparation facility in Bulgaria. Samples were prepared and assayed by SGS Chelopech Laboratory in Bulgaria. SGS Chelopech follows SGS Global methods and procedures and has stringent quality control and assurance practices. Dr. Roger Moss, the qualified person for Trun, has visited the SGS Chelopech facilities and is satisfied that the sample preparation and assay procedures are consistent with industry best practices.

Gold was assayed by fire assay followed by atomic absorption (FA/AA). Quality control samples, including duplicates, standards and blanks, were submitted by EurOmax.

Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a "qualified person" as defined by NI43-101, supervised the preparation of the technical information contained in this news release.

About EurOmax Resources Ltd.

EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia. We are focused on identifying, acquiring and developing mineral resources in Southeastern Europe with the objective of becoming a world-class mining company in the region. Our strength is our local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.

This news release contains forward-looking statements including but not limited to statements regarding resource estimates, mining concession applications, drilling and drilling results and geological interpretations by the Company for its Trun project. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions made by the Company, including that the key assumptions and parameters on which such resource estimates and drilling and geological interpretations are based are reasonable. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, that actual results of exploration activities will be different than anticipated, data and assumptions underlying the resource estimate or drilling and geological interpretations may prove to be inaccurate, incomplete or to have been incorrectly interpreted, delays in receiving assays, the general risk of unexpected variations in mineral resources, and grade or recovery rates. Readers are also encouraged to review all Company documents filed with the securities authorities in Canada, including the Management Discussion and Analysis in respect of the Company's recent financial statements under the heading "Operational and Other Business Risks", which documents describe material factors and assumptions and risks that apply to the forward-looking statements in this release. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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http://media3.marketwire.com/docs/764200_fig_1.pdf

http://media3.marketwire.com/docs/764200_fig_2.pdf

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